Utah House passes precious metals currency bill

[PeacePlan]

Submitted by cpowell on 07:14PM ET Friday, March 4, 2011. Section: Daily Dispatches (http://www.gata.org/node/9674)

By Lee Davidson
The Salt Lake Tribune
Salt Lake City, Utah
Friday, March 4, 2011

http://www.sltrib.com/sltrib/home/51364301-76/silver-gold-legal-tender.h... (http://www.sltrib.com/sltrib/home/51364301-76/silver-gold-legal-tender.html.csp)

It may not fold as conveniently as dollar bills, but the Utah House took a first step Thursday to recognize gold and silver as legal tender.

It voted 47-26 to pass HB317 by Rep. Brad Galvez, R-West Haven, and sent it to the Senate. The measure would recognize as legal tender gold and silver coins issued by the federal government -- not just their face value, but also their value in gold and silver or to a collector.e bill.

[Stary Hickory]

This is bloody awesome, I stayed in Utah a few days I liked the people there. I would move there possibly if this becomes law. What a great day for the folks of Utah, they might be the first in the country to have a competing currency that can protect them to certain extent from a currency crisis.

[jclay2]

This is bloody awesome, I stayed in Utah a few days I liked the people there. I would move there possibly if this becomes law. What a great day for the folks of Utah, they might be the first in the country to have a competing currency that can protect them to certain extent from a currency crisis.

Just remember, never ever pay your taxes in pm's. Keep your gold/silver and leave the "clownbux" for the government to deal with.

[qh4dotcom]

This is bloody awesome, I stayed in Utah a few days I liked the people there. I would move there possibly if this becomes law. What a great day for the folks of Utah, they might be the first in the country to have a competing currency that can protect them to certain extent from a currency crisis.

90% of Utahns voted for Romney in the 2008 primary and only 3% voted for Ron Paul

http://en.wikipedia.org/wiki/Utah_Republican_primary,_2008

[Sola_Fide]

This is great.

[Reactionary]

wow I was betting it was not going to be passed... I stand happily corrected

[hugolp]

Just remember, never ever pay your taxes in pm's. Keep your gold/silver and leave the "clownbux" for the government to deal with.

I dont know exactly how the exchange rate between paper dollars and gold/silver will be set by I think it will be actuallized at market value, so it makes sense to pay in gold and silver.

For example, you could change your paper dollars to gold and silver without fear of not having enough paper dollars to pay taxes because you can use gold or silver.

I wonder if this law means that its legal for a company in Utah to pay its employees with gold and silver.

[nobody's_hero]

This is the first time a sound-money bill has passed either a House or Senate, isn't it?

Go Utah!

[YumYum]

"The measure would recognize as legal tender gold and silver coins issued by the federal government....
.......The bill would not require anyone to accept gold and silver coins as legal tender."

How does that work?

[hugolp]

"The measure would recognize as legal tender gold and silver coins issued by the federal government....
.......The bill would not require anyone to accept gold and silver coins as legal tender."

How does that work?

I think that it allows you to pay taxes in gold and silver.

[hazek]

I wonder if this law means that its legal for a company in Utah to pay its employees with gold and silver.

It does. But it has to be voluntary.

[hazek]

Here's the bill: http://le.utah.gov/~2011/htmdoc/hbillhtm/HB0317S01.htm

13 This bill:
14 . provides definitions;
15 . recognizes gold and silver coins issued by the federal government to be legal tender
16 in the state;
17 . does not compel a person to tender or accept gold and silver coin;
18 . provides that the exchange of gold and silver coins for another form of legal tender
19 does not create any individual income or sales tax liability;
20 . requires the Revenue and Taxation Interim Committee to:
21 . study the possibility of establishing an alternative form of legal tender;
22 . recommend whether an alternative form of legal tender should be established;
23 and
24 . prepare any recommended legislation for the 2012 General Session; and
25 . enacts an uncodified severability clause.

[hazek]

50 (2) A person may not compel any other person to tender or accept gold and silver coin
51 that is issued by the federal government.

Meaning the contract has to be on a voluntary bases. If a business wants to pay it's employee in these coins and the employee agrees they can do so. Or if a customer wants to pay a business owner with these coins and the business owner agrees he can do so.

And that's all we really want, to have the freedom in options. After that it's up to the market to decide whats best and what it wants to use.

[YumYum]

The state of Utah may be looking into the future and realizes that many of its citizens are stock-piling PM coins. When the FRNs collapse, the state has opened up a door for its citizens to pay taxes by allowing them to dip into their stash of gold and silver coins. Otherwise, people would just sit on these coins and not be able to do anything with them except convert them back into FRN's, which will be worthless. Or, maybe the federal government will charge a huge tax on converting PM coins back into FRNs, and Utah knows this.

[Elwar]

Just remember, never ever pay your taxes in pm's. Keep your gold/silver and leave the "clownbux" for the government to deal with.

This has been said before but phrased differently...

"Give unto Caesar what is Caesar's..."

[Stary Hickory]

90% of Utahns voted for Romney in the 2008 primary and only 3% voted for Ron Paul

http://en.wikipedia.org/wiki/Utah_Republican_primary,_2008

Because Romney is a Mormon, all Ron Paul has to do is convert to Mormonism and problem solved!

[Icymudpuppy]

Because Romney is a Mormon, all Ron Paul has to do is convert to Mormonism and problem solved!

Romney's about as Mormon as Obama is Muslim. ie: He had mormon parents, but he sure doesn't act in accordance with the tenants of the faith.

[AGRP]

Does it allow for something like the liberty dollar to happen?

If so, this is fawking awesome.

[Carson]

Obligatory.

http://photos.imageevent.com/stokeybob/followthemoney/Supersingle640x537.jpg

[eduardo89]

Does it allow for something like the liberty dollar to happen?

If so, this is fawking awesome.

No, the gold an silver coins must be issued by the federal government. Which begs to question, will they be taken at face value or intrinsic value?

[Travlyr]

50 (2) A person may not compel any other person to tender or accept gold and silver coin
51 that is issued by the federal government.

Meaning the contract has to be on a voluntary bases. If a business wants to pay it's employee in these coins and the employee agrees they can do so. Or if a customer wants to pay a business owner with these coins and the business owner agrees he can do so.

And that's all we really want, to have the freedom in options. After that it's up to the market to decide whats best and what it wants to use.

Awesome!

Now if we could convince Secretary of Treasury - Timothy Geithner to agree to remove the 'One Dollar' from the Silver Eagle, and the '50 Dollars' off the gold, then that would be a bonus.

[eduardo89]

Awesome!

Now if we could convince Secretary of Treasury - Timothy Geithner to agree to remove the 'One Dollar' from the Silver Eagle, and the '50 Dollars' off the gold, then that would be a bonus.

There's no point, the market will value them according to their metal value, not their face value. And leaving the dollar amounts makes the coins legal tender.

[sratiug]

No, the gold an silver coins must be issued by the federal government. Which begs to question, will they be taken at face value or intrinsic value?


provides that the exchange of gold and silver coins for another form of legal tender
19 does not create any individual income or sales tax liability;
I think the word coin, legally speaking here in the USA, can only refer to government issued coins. I would assume the part about no tax liability means they can be traded for fed notes at other than face value. I think some US mint produced coins do not have a face value at all.

[Fredom101]

Romney's about as Mormon as Obama is Muslim. ie: He had mormon parents, but he sure doesn't act in accordance with the tenants of the faith.

Please do tell more! Does he drink alcohol or something?

[eduardo89]

All coins have a face value, it's what makes them legal tender, and therefore a coin. The mint produces medals with no face value, but those are not legal tender.

[osan]

"The measure would recognize as legal tender gold and silver coins issued by the federal government....
.......The bill would not require anyone to accept gold and silver coins as legal tender."

How does that work?

If the feds don't coin gold and silver, the bill is utterly void of any substance.

I do not see how this is a good thing, save perhaps as a tentative first psychological step toward something with actual teeth.

[AGRP]

If the feds don't coin gold and silver, the bill is utterly void of any substance.

I do not see how this is a good thing, save perhaps as a tentative first psychological step toward something with actual teeth.

Sadly, this.

I don't see us being free until we can barter with what we choose (ie liberty dollars).

[Zippyjuan]

As I read it, the bill authorizes a STUDY into the possiblity of using gold and silver for exchange.

20 . requires the Revenue and Taxation Interim Committee to:
21 . study the possibility of establishing an alternative form of legal tender;
22 . recommend whether an alternative form of legal tender should be established;
23 and
24 . prepare any recommended legislation for the 2012 General Session; and

[sratiug]

As I read it, the bill authorizes a STUDY into the possiblity of using gold and silver for exchange.
You read it wrong fed troll.:D

59-1-1502. Gold and silver coin.
49 (1) Gold and silver coin issued by the federal government is legal tender in the state.
50 (2) A person may not compel any other person to tender or accept gold and silver coin
51 that is issued by the federal government.

[BuddyRey]

It would be great if competing currencies just took off like a brushfire across the entire rural inland west. I hope Wyoming, Idaho, Montana, and the Dakotas have similar bills in the works.

[matt0611]

If the feds don't coin gold and silver, the bill is utterly void of any substance.

I do not see how this is a good thing, save perhaps as a tentative first psychological step toward something with actual teeth.

Uhhh, the feds don't coin anything (and never did as far as I know).

The US mint currently coins gold and silver.

[GunnyFreedom]

I want to do this. Someone help me get the text of this bill and together let's fix it up the way we like it for filing in the NC House...

[hazek]

I posted the link to it at least 20 times already across several threads Gunny ;)

But here, just for you: http://le.utah.gov/~2011/htmdoc/hbillhtm/HB0317S01.htm

Text of the bill: http://le.utah.gov/~2011/bills/hbillint/hb0317s01.htm

[Stary Hickory]

I want to do this. Someone help me get the text of this bill and together let's fix it up the way we like it for filing in the NC House...

Good luck hope you guys get it passed, NC is right next door and I would be down there all the damn time if this passed

[GunnyFreedom]

I posted the link to it at least 20 times already across several threads Gunny ;)

But here, just for you: http://le.utah.gov/~2011/htmdoc/hbillhtm/HB0317S01.htm (http://le.utah.gov/%7E2011/htmdoc/hbillhtm/HB0317S01.htm)

Text of the bill: http://le.utah.gov/~2011/bills/hbillint/hb0317s01.htm (http://le.utah.gov/%7E2011/bills/hbillint/hb0317s01.htm)

Yeah, but it's hard to fix for NC when I can't get the text from out of the line numbers. At least in our HTML version you can capture just the text. ;)

[BuddyRey]

Gunny, if you get something like this going in NC, you'll be my hero!

[osan]

I want to do this. Someone help me get the text of this bill and together let's fix it up the way we like it for filing in the NC House...

Here's the text. Not quite pretty, but should be usable.


1st Sub. H.B. 317
LEGISLATIVE GENERAL COUNSEL
6 Approved for Filing: G.C. Lee 6
6 03-01-11 2:34 PM 6
H.B. 317
1st Sub. (Buff)
*HB0317S01*
Representative Brad J. Galvez proposes the following substitute bill:
CURRENCY AMENDMENTS
2011 GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Brad J. Galvez
Senate Sponsor: Scott K. Jenkins
LONG TITLE
General Description:
This bill recognizes gold and silver coins that are issued by the federal government as
legal tender in the state and exempts the exchange of the coins from certain types of
state tax liability.
Highlighted Provisions:
This bill:
< provides definitions;
< recognizes gold and silver coins issued by the federal government to be legal tender
in the state;
< does not compel a person to tender or accept gold and silver coin;
< provides that the exchange of gold and silver coins for another form of legal tender
does not create any individual income or sales tax liability;
< requires the Revenue and Taxation Interim Committee to:
C study the possibility of establishing an alternative form of legal tender;
C recommend whether an alternative form of legal tender should be established;
and
C prepare any recommended legislation for the 2012 General Session; and
< enacts an uncodified severability clause.1st Sub. (Buff) H.B. 317 03-01-11 2:34 PM
- 2 -
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
59-10-1002.2, as renumbered and amended by Laws of Utah 2008, Chapter 389
ENACTS:
59-1-1501, Utah Code Annotated 1953
59-1-1502, Utah Code Annotated 1953
59-1-1503, Utah Code Annotated 1953
59-1-1504, Utah Code Annotated 1953
59-10-1025, Utah Code Annotated 1953
Uncodified Material Affected:
ENACTS UNCODIFIED MATERIAL

Be it enacted by the Legislature of the state of Utah:
Section 1. Section 59-1-1501 is enacted to read:
Part 15. Legal Tender Act
59-1-1501. Title.
This part is known as the "Legal Tender Act."
Section 2. Section 59-1-1502 is enacted to read:
59-1-1502. Gold and silver coin.
(1) Gold and silver coin issued by the federal government is legal tender in the state.
(2) A person may not compel any other person to tender or accept gold and silver coin
that is issued by the federal government.
Section 3. Section 59-1-1503 is enacted to read:
59-1-1503. Nonrefundable credit -- Sales tax exemption.
(1) There is a nonrefundable credit established for any capital gains incurred from the
exchange of gold and silver coin issued by the federal government for another form of legal
tender as provided in Section 59-10-1025.03-01-11 2:34 PM 1st Sub. (Buff) H.B. 317
- 3 -
(2) The exchange of gold and silver coin issued by the federal government for another
form of legal tender is exempt from sales and use taxes as provided in Subsection
59-12-104(50).
Section 4. Section 59-1-1504 is enacted to read:
59-1-1504. Revenue and Taxation Interim Committee study.
The Revenue and Taxation Interim Committee shall during the 2011 interim:
(1) study the possibility of establishing an alternative form of legal tender for the
payment of debts, public charges, taxes, and dues within the state;
(2) recommend whether legislation should be drafted to establish an alternative form of
legal tender; and
(3) prepare any legislation that the Revenue and Taxation Interim Committee
recommends in accordance with Subsection (2) for consideration by the Legislature during the
2012 General Session.
Section 5. Section 59-10-1002.2 is amended to read:
59-10-1002.2. Apportionment of tax credits.
(1) A nonresident individual or a part-year resident individual that claims a tax credit
in accordance with Section 59-10-1017, 59-10-1018, 59-10-1019, 59-10-1021, 59-10-1022,
59-10-1023, [or] 59-10-1024, or 59-10-1025 may only claim an apportioned amount of the tax
credit equal to:
(a) for a nonresident individual, the product of:
(i) the state income tax percentage for the nonresident individual; and
(ii) the amount of the tax credit that the nonresident individual would have been
allowed to claim but for the apportionment requirements of this section; or
(b) for a part-year resident individual, the product of:
(i) the state income tax percentage for the part-year resident individual; and
(ii) the amount of the tax credit that the part-year resident individual would have been
allowed to claim but for the apportionment requirements of this section.
(2) A nonresident estate or trust that claims a tax credit in accordance with Section
59-10-1017, 59-10-1020, 59-10-1022, [or] 59-10-1024, or 59-10-1025 may only claim an
apportioned amount of the tax credit equal to the product of:
(a) the state income tax percentage for the nonresident estate or trust; and1st Sub. (Buff) H.B. 317 03-01-11 2:34 PM
- 4 -
(b) the amount of the tax credit that the nonresident estate or trust would have been
allowed to claim but for the apportionment requirements of this section.
Section 6. Section 59-10-1025 is enacted to read:
59-10-1025. Nonrefundable tax credit for capital gain transactions on the
exchange of gold and silver coin for another form of legal tender.
(1) As used in this section:
(a) "Capital gain transaction" means a transaction that results in a:
(i) short-term capital gain; or
(ii) long-term capital gain.
(b) "Long-term capital gain" is as defined in Section 1222, Internal Revenue Code.
(c) "Short-term capital gain" is as defined in Section 1222, Internal Revenue Code.
(2) Except as provided in Section 59-10-1002.2, for taxable years beginning on or after
January 1, 2012, a claimant, estate, or trust may claim a nonrefundable tax credit equal to the
product of:
(a) to the extent a capital gain is not offset by a capital loss under Chapter 1,
Subchapter P, Capital Gains and Losses, Internal Revenue Code, the total amount of the
claimant's, estate's, or trust's short-term capital gain or long-term capital gain on a capital gain
transaction from an exchange made on or after January 1, 2012, of gold or silver coin issued by
the federal government for another form of legal tender; and
(b) 5%.
(3) A claimant, estate, or trust may not carry forward or carry back a tax credit under his section.
(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
commission may make rules to implement this section.
Section 7. Severability clause.
If any section of this bill or the application of any section of this bill to any person or
circumstance is held invalid by a final decision of a court of competent jurisdiction, the
remainder of this bill shall be given effect without the invalid section or application. The
provisions of this bill are severable.

[Chester Copperpot]

This is good.. all it takes is one business owner in each industry (gas station, grocery store, etc) to be willing to accept silver and gold coin in payment and people will flock.. then in turn everybody else will want to accept..

itll just be a new way to pay like visa or mastercard.. but in real fucking money.

[Jeremy]

90% of Utahns voted for Romney in the 2008 primary and only 3% voted for Ron Paul

http://en.wikipedia.org/wiki/Utah_Republican_primary,_2008

You mean Utah Republicans who voted in the 2008 primary did.

[GunnyFreedom]

Here's the text. Not quite pretty, but should be usable.


1st Sub. H.B. 317
LEGISLATIVE GENERAL COUNSEL
6 Approved for Filing: G.C. Lee 6
6 03-01-11 2:34 PM 6
H.B. 317
1st Sub. (Buff)
*HB0317S01*
Representative Brad J. Galvez proposes the following substitute bill:
CURRENCY AMENDMENTS
2011 GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Brad J. Galvez
Senate Sponsor: Scott K. Jenkins
LONG TITLE
General Description:
This bill recognizes gold and silver coins that are issued by the federal government as
legal tender in the state and exempts the exchange of the coins from certain types of
state tax liability.
Highlighted Provisions:
This bill:
< provides definitions;
< recognizes gold and silver coins issued by the federal government to be legal tender
in the state;
< does not compel a person to tender or accept gold and silver coin;
< provides that the exchange of gold and silver coins for another form of legal tender
does not create any individual income or sales tax liability;
< requires the Revenue and Taxation Interim Committee to:
C study the possibility of establishing an alternative form of legal tender;
C recommend whether an alternative form of legal tender should be established;
and
C prepare any recommended legislation for the 2012 General Session; and
< enacts an uncodified severability clause.1st Sub. (Buff) H.B. 317 03-01-11 2:34 PM
- 2 -
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
59-10-1002.2, as renumbered and amended by Laws of Utah 2008, Chapter 389
ENACTS:
59-1-1501, Utah Code Annotated 1953
59-1-1502, Utah Code Annotated 1953
59-1-1503, Utah Code Annotated 1953
59-1-1504, Utah Code Annotated 1953
59-10-1025, Utah Code Annotated 1953
Uncodified Material Affected:
ENACTS UNCODIFIED MATERIAL

Be it enacted by the Legislature of the state of Utah:
Section 1. Section 59-1-1501 is enacted to read:
Part 15. Legal Tender Act
59-1-1501. Title.
This part is known as the "Legal Tender Act."
Section 2. Section 59-1-1502 is enacted to read:
59-1-1502. Gold and silver coin.
(1) Gold and silver coin issued by the federal government is legal tender in the state.
(2) A person may not compel any other person to tender or accept gold and silver coin
that is issued by the federal government.
Section 3. Section 59-1-1503 is enacted to read:
59-1-1503. Nonrefundable credit -- Sales tax exemption.
(1) There is a nonrefundable credit established for any capital gains incurred from the
exchange of gold and silver coin issued by the federal government for another form of legal
tender as provided in Section 59-10-1025.03-01-11 2:34 PM 1st Sub. (Buff) H.B. 317
- 3 -
(2) The exchange of gold and silver coin issued by the federal government for another
form of legal tender is exempt from sales and use taxes as provided in Subsection
59-12-104(50).
Section 4. Section 59-1-1504 is enacted to read:
59-1-1504. Revenue and Taxation Interim Committee study.
The Revenue and Taxation Interim Committee shall during the 2011 interim:
(1) study the possibility of establishing an alternative form of legal tender for the
payment of debts, public charges, taxes, and dues within the state;
(2) recommend whether legislation should be drafted to establish an alternative form of
legal tender; and
(3) prepare any legislation that the Revenue and Taxation Interim Committee
recommends in accordance with Subsection (2) for consideration by the Legislature during the
2012 General Session.
Section 5. Section 59-10-1002.2 is amended to read:
59-10-1002.2. Apportionment of tax credits.
(1) A nonresident individual or a part-year resident individual that claims a tax credit
in accordance with Section 59-10-1017, 59-10-1018, 59-10-1019, 59-10-1021, 59-10-1022,
59-10-1023, [or] 59-10-1024, or 59-10-1025 may only claim an apportioned amount of the tax
credit equal to:
(a) for a nonresident individual, the product of:
(i) the state income tax percentage for the nonresident individual; and
(ii) the amount of the tax credit that the nonresident individual would have been
allowed to claim but for the apportionment requirements of this section; or
(b) for a part-year resident individual, the product of:
(i) the state income tax percentage for the part-year resident individual; and
(ii) the amount of the tax credit that the part-year resident individual would have been
allowed to claim but for the apportionment requirements of this section.
(2) A nonresident estate or trust that claims a tax credit in accordance with Section
59-10-1017, 59-10-1020, 59-10-1022, [or] 59-10-1024, or 59-10-1025 may only claim an
apportioned amount of the tax credit equal to the product of:
(a) the state income tax percentage for the nonresident estate or trust; and1st Sub. (Buff) H.B. 317 03-01-11 2:34 PM
- 4 -
(b) the amount of the tax credit that the nonresident estate or trust would have been
allowed to claim but for the apportionment requirements of this section.
Section 6. Section 59-10-1025 is enacted to read:
59-10-1025. Nonrefundable tax credit for capital gain transactions on the
exchange of gold and silver coin for another form of legal tender.
(1) As used in this section:
(a) "Capital gain transaction" means a transaction that results in a:
(i) short-term capital gain; or
(ii) long-term capital gain.
(b) "Long-term capital gain" is as defined in Section 1222, Internal Revenue Code.
(c) "Short-term capital gain" is as defined in Section 1222, Internal Revenue Code.
(2) Except as provided in Section 59-10-1002.2, for taxable years beginning on or after
January 1, 2012, a claimant, estate, or trust may claim a nonrefundable tax credit equal to the
product of:
(a) to the extent a capital gain is not offset by a capital loss under Chapter 1,
Subchapter P, Capital Gains and Losses, Internal Revenue Code, the total amount of the
claimant's, estate's, or trust's short-term capital gain or long-term capital gain on a capital gain
transaction from an exchange made on or after January 1, 2012, of gold or silver coin issued by
the federal government for another form of legal tender; and
(b) 5%.
(3) A claimant, estate, or trust may not carry forward or carry back a tax credit under his section.
(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
commission may make rules to implement this section.
Section 7. Severability clause.
If any section of this bill or the application of any section of this bill to any person or
circumstance is held invalid by a final decision of a court of competent jurisdiction, the
remainder of this bill shall be given effect without the invalid section or application. The
provisions of this bill are severable.



Thank you for pulling those con-fangled line numbers out of the thing. :mad: I was gonna bust an aneurysm at poor document prep when I have fifty entrees on my plate lol

[Carson]

This is good.. all it takes is one business owner in each industry (gas station, grocery store, etc) to be willing to accept silver and gold coin in payment and people will flock.. then in turn everybody else will want to accept..

itll just be a new way to pay like visa or mastercard.. but in real fucking money.

Here is the link to a calculator for you and the store owner. You put in the price and it tells you how much to pay in the old silver coins.

http://www.silverandgoldaremoney.com/

[Travlyr]

Here is the link to a calculator for you and the store owner. You put in the price and it tells you how much to pay in the old silver coins.

http://www.silverandgoldaremoney.com/

Diesel is only about $0.15/gallon real money right now. Wow.

[sratiug]

I think it is clear the INTENT of this bill, judging from the language and statements reported in at least one news article, was to allow gold and silver coins produced by the US mint to be traded as legal tender at their market value without penalty instead of at their face value. I'm assuming you could also right a contract specifying payment in a certain weight of gold coins.

I don't see why the state weights and measures bureau or whatever it is called could not license or certify gold and silver rounds produced from private mints in your state with some sort of state seal and add these state approved rounds to the legal tender law. Pro jobs. You could have a state contest to design them, and/or let the private mints produce whatever they think they can sell.

[Travlyr]

I think it is clear the INTENT of this bill, judging from the language and statements reported in at least one news article, was to allow gold and silver coins produced by the US mint to be traded as legal tender at their market value without penalty instead of at their face value. I'm assuming you could also right a contract specifying payment in a certain weight of gold coins.

I don't see why the state weights and measures bureau or whatever it is called could not license or certify gold and silver rounds produced from private mints in your state with some sort of state seal and add these state approved rounds to the legal tender law. Pro jobs. You could have a state contest to design them, and/or let the private mints produce whatever they think they can sell.

That's just the beginning of prosperity. It's a pro-opportunity bill.

[GunnyFreedom]

I think it is clear the INTENT of this bill, judging from the language and statements reported in at least one news article, was to allow gold and silver coins produced by the US mint to be traded as legal tender at their market value without penalty instead of at their face value. I'm assuming you could also right a contract specifying payment in a certain weight of gold coins.

I don't see why the state weights and measures bureau or whatever it is called could not license or certify gold and silver rounds produced from private mints in your state with some sort of state seal and add these state approved rounds to the legal tender law. Pro jobs. You could have a state contest to design them, and/or let the private mints produce whatever they think they can sell.

I agree, so help me here. Look at what is allowed in this bill, and also look up the Montana sound money bill. How can you just extend that list to being over 'all legitimate bullion' ?

[GunnyFreedom]

OK, better method all together. Somehow precisely describe "all legitimate bullion being in silver and gold" and recognize it as tender. Not to displace FRN's but to provide an alternate stable economic standard in the event of a Federal Reserve bubble collapse.

[libertybrewcity]

how's this looking in the utah senate?

[GunnyFreedom]

I'm thinking...

recognize that the pure .999 material of silver, and the pure 24k material of gold shall be legal tender for trade in the State of North Carolina, does not compel any seller to accept bullion, and establishes the exchange rate to dollars at spot price within the hour. (within the 1/2 day for small vendors unable to access data)